1. Consumer surplus equals _________ minus _________.
2. Producer surplus equals _________ minus_________.
3. In Figure Tupak€™s consumer surplus is _________, compared to _________ for Thurl.
4. In Figure, Tupak€™s consumer surplus is _________ (greater/less) than Thurl€™s because Tupak has a _________ (lower, higher) willingness to pay.

5. In Figure, Bea s producer surplus is_________ (greater/less) than Dee s because Dee has a _________ (lower, higher) marginal cost of production.

6. As the market price increases, consumer surplus _________ (increases/decreases) and producer surplus _________ (increases/decreases).
7. For a given market price, a consumer who is on the high end of the demand curve has a _________ consumer surplus than a consumer on the low end of the demandcurve.

Transcribed Image Text:

$25 Juan Tupak 19 Thurl -16 Forest Fivola Price Siggy Demand Number of lawns cut per hour $14 12 10 Supply Efrin Price Eve : Dee Ceci Bea Abe Number of lawns cut per hour